CNY Climbs Most in Two Years

The USD is mostly unchanged today. However, the Chinese Yuan climbed the most in more than two years as the central bank strengthened the reference rate for the first time in five days after comments from officials suggesting the currency wouldn’t keep falling. The People’s Bank of China set the daily fixing stronger at 6.1452 per dollar today. The Australian dollar extended a gain from last week as investors maintained bets on a greater than 50 percent chance the nation’s central bank will raise interest rates within a year as the economy strengthens. The EUR is lower Russia’s Crimea invasion may lead to slower growth in Europe.

Today's Events• U.S. Markit flash PMI dipped to 55.5 in March after rebounding 3.4 points to 57.1 for the final February print, which was the strongest reading since May 2010. • German PMIs disappoint, with both services and manufacturing readings coming in below expectations and falling markedly from February readings. • Chicago National Activity index rose to 0.14 in February after falling to -0.45 in January. • Mexican Unemployment rate dropped to 4.9% from previous 5.05%• NYMEX crude supported after U.S. sanctions Russian owned oil trading firm

Foreign exchange transactions can be highly risky, and losses may occur in short periods of time if there is an adverse movement of exchange rates. Exchange rates can be highly volatile and are impacted by numerous economic, political and social factors, as well as supply and demand and governmental intervention, control and adjustments. Investments in financial instruments carry significant risk, including the possible loss of the principal amount invested. Before entering any foreign exchange transaction, you should obtain advice from your own tax, financial, legal and other advisors, and only make investment decisions on the basis of your own objectives, experience and resources. Opinions expressed are our opinions as of the date of this content only. The material is based upon information which we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such.

The USD is mostly unchanged today. However, the Chinese Yuan climbed the most in more than two years as the central bank strengthened the reference rate for the first time in five days after comments from officials suggesting the currency wouldn’t keep falling. The People’s Bank of China set the daily fixing stronger at 6.1452 per dollar today. The Australian dollar extended a gain from last week as investors maintained bets on a greater than 50 percent chance the nation’s central bank will raise interest rates within a year as the economy strengthens. The EUR is lower Russia’s Crimea invasion may lead to slower growth in Europe.

Today's Events• U.S. Markit flash PMI dipped to 55.5 in March after rebounding 3.4 points to 57.1 for the final February print, which was the strongest reading since May 2010. • German PMIs disappoint, with both services and manufacturing readings coming in below expectations and falling markedly from February readings. • Chicago National Activity index rose to 0.14 in February after falling to -0.45 in January. • Mexican Unemployment rate dropped to 4.9% from previous 5.05%• NYMEX crude supported after U.S....Read More